Since the beginning of this year, banks have been accelerating the issuance of themed wealth management products. The investment direction of these themed wealth management products is closely related to the key industries supported by recent policies.
Recently, a number of bank wealth management subsidiaries have been the first to sell themed wealth management products. The investment direction of the products mainly focuses on current hot topics, such as green finance, "dual carbon", specialized and special new enterprises, and new urbanization construction.
Du Yang, a postdoctoral fellow at the Bank of China Research Institute, told the Securities Daily reporter that the launch of themed wealth management products is an important means to improve the quality and efficiency of financial services for the real economy.At present, there is a huge demand for financing in the fields of green finance, specialization, specialization and new urbanization. It is still insufficient to rely only on traditional credit methods. The sustainability of financial support also needs to be improved. It is necessary to rely on more diversified financing methods to help related industry development.The launch of themed wealth management products can actively invest funds in areas that are in line with national strategies and industrial policies, effectively improve the strategic positioning of financial services, and help the implementation of major national development strategies and the stability of the macro economy while meeting the needs of residents to maintain and increase the value of assets. develop.
Banks make efforts to deploy themed wealth management products
On June 2, the information released on the official website of the China Banking and Insurance Regulatory Commission showed that in order to guide the banking and insurance industry to develop green finance, better assist in pollution prevention and control, and promote carbon peaking and carbon neutrality in an orderly manner, the China Banking and Insurance Regulatory Commission recently issued the "Banking Insurance Industry". Industry Green Finance Guidelines (hereinafter referred to as the Guidelines).The Guidelines require banking and insurance institutions to incorporate environmental, social and governance (ESG) requirements into their management processes and comprehensive risk management systems, strengthen environmental, social and governance information disclosure and interaction with stakeholders, and improve relevant policy systems and procedures manage.
Since the goal of "carbon neutrality" and "carbon peaking" was put forward, the green finance business of my country's banking industry has grown rapidly.Bank wealth management has also set its sights on this blue ocean field to further enrich the layout of wealth management product system.The reporter learned from the mobile banking app of a large state-owned bank that the bank has recently launched a variety of themed wealth management products, which mainly focus on the themes of "green finance" and "carbon".One of them is a wealth management product called "Bank of China Wealth Management - Low-Carbon Premium and Fixed Income Enhancement", with an investment cycle of 1,128 days and a performance comparison benchmark of 5.55%.The above product files show that the investment strategy of this product is to fully grasp the investment opportunities of green themed assets such as low carbon and environmental protection based on the economic cycle and changes in market trends, centering on the national strategies of "carbon neutrality" and "carbon peaking".Another wealth management product called "(China Green Development) Huihua Wealth Management - Huiyu Closed in 36 Months" has an investment cycle of 1,100 days and a performance comparison benchmark of 5.5%.
In addition, the bank's wealth management subsidiaries are also accelerating their deployment in the ESG wealth management market.According to statistics from China Wealth Management Network, as of June 16, there were 113 products with the word "ESG" in the name of bank wealth management products, and the issuers included banks and bank wealth management subsidiaries.From the perspective of the nature of product investment, it is still dominated by fixed income.
Under the policy bonus, many wealth management companies have deployed innovative enterprises in terms of products.The reporter searched China Wealth Management Network with the keyword of "specialized, refined and new". Up to now, a total of 17 "specialized, special and new" themed bank wealth management products have been issued in the banking wealth management market.In terms of product types, there is one wealth management product with the theme of “specialized, special and new” for fixed income and equity, which are issued by Bank of Communications Wealth Management and CMB Wealth Management respectively, and the other 15 are mixed products, all issued by Bank of China Wealth Management.
In addition, new urbanization is also a hot social topic at the moment.The reporter learned from some banks that some banks have adopted targeted financial products and services to support local new-type urbanization construction.For example, Bank of China Wealth Management launched a wealth management product with the theme of "new urbanization" - New Town Huiying Fixed Income Enhancement (closed-end) 2022 01 issue, with a minimum purchase amount of only 1 yuan.
Although the performance benchmarks of such themed wealth management products are relatively bright, the performance benchmarks do not represent the final income.
"When choosing this type of product, you should consider your own risk appetite, risk tolerance, and the time limit of the product, and you should read the instructions carefully before purchasing." A bank account manager told reporters that the performance benchmark is only a reference, and the theme wealth management products are mainly based on Whether the product investment direction will have a good development in the next few years.
Product design and risk management need to be improved
Xue Hongyan, deputy dean of Xingtu Financial Research Institute, said in an interview with a reporter from Securities Daily that the issuance of special wealth management products based on policy direction can not only improve the efficiency of financial services for the real economy, but also help banks themselves continue to expand their influence in the ESG field. force.At the same time, such themes generally have good growth potential, high investor recognition, and it is easier to achieve scale breakthroughs at the level of sales promotion.
Su Xiaorui, a senior analyst in the financial industry of Analysys, believes that the issuance of themed wealth management products by banks can, on the one hand, enrich business types on the supply side, expand diversified wealth management product resources, and build their own wealth management capabilities through distinctive and differentiated product design. Core competitiveness in the market; on the other hand, it can also reach more end customers through innovative services, which not only responds to the policy call, but also provides customers with more financial choices.
However, industry insiders said that there are still some problems and deficiencies in banks actively innovating products and services.Xue Hongyan believes that bank wealth management products emphasize stability, and their underlying assets are mainly debt, supplemented by equity.Due to the small fluctuations in the returns of debt assets, it is difficult for themed wealth management products to widen the gap with ordinary wealth management products in terms of product returns.However, excessively highlighting the thematic attributes during product promotion will easily raise investors' income expectations. At that time, the mediocre rate of return will easily affect investors' experience, and even affect the reputation of wealth management companies.Therefore, wealth management companies need to do a good job in guiding investors’ expectations when promoting products, and avoid exaggerating or misleading publicity to expand the scale of fundraising.
Du Yang said that the problems of thematic financial products mainly focus on two aspects: product design and risk management.First, in terms of product design, the investment and research system of some thematic wealth management products is not well established, the product research and development capabilities are relatively lacking, the investment research for specific industries is not in-depth enough, and the profitability of wealth management products is difficult to guarantee.Second, in terms of risk management, the investment fields of thematic wealth management products are relatively concentrated, and it is difficult for a universal risk control model to effectively monitor their risk levels.
"The banking industry needs to make efforts in the following two aspects: First, it is necessary to continuously update the investment research thinking of themed wealth management, strengthen the research depth for specific industries, and form differentiated investment strategies, actively communicate with peers, and learn from relevant funds. The investment and research model of the product will improve the income level of thematic wealth management products. Secondly, it is necessary to build a risk control model that matches the specific industry, and solve the problems such as information asymmetry in the process of risk management through technical means such as financial technology, and effectively reduce the risk. Reduce the risk level of related products." Du Yang said.
